NEW DELHI: Deals galore in India’s clean energy space. Attracted by India’s green economy, Canadian pension fund Ontario Municipal Employees’ Retirement System (OMERS) announced its plan to purchase a 19.4% stake in NYSE-listed Azure Power Global Ltd for $219 million from World Bank’s private-sector development arm International Finance Corporation (IFC) and IFC GIF Investment Co. Canadian pension funds have been placing significant clean energy India bets and represent the so-called patient capital, which seeks modest yields over time. “The closing of this transaction would mark our second direct infrastructure investment in India, following our 2019 investment in the IndInfravit toll road platform," added Prateek Maheshwari, managing director, Asia, OMERS Infrastructure in the statement. India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity, including 100GW of solar power by 2022.

Source: Mint July 31, 2021 08:47 UTC